Foreclosures are top of mind in today's news. Neighbors, friends, relatives, clients, people in the grocery store, customers waiting in line at the bank, you name it if I wear my badge they will ask about the current market.
Often foreclosures and the current mortgage situation are the hot topic. As to the current mortgage situation, the rates are great, as low as 2005. With rates so great, what a fantastic home you can buy!!
Than the topic of foreclosures come up. What is going on in Benicia? We do not have the same degree of foreclosures/bank owned properties as some parts of the state and country. That is a fact. What is here must be sold. That is a fact. Banks are not in the business to own homes. And that is a fact!
As of today the multiple listing service for Benicia listed 199 homes for sale. These include condos and single family homes. Of the 162, 12 are foreclosures. They range in price from $439,900 to a high of $859,900. The median price is $522,500 and the average days on the market is 52 days. Days on the market are lower as foreclosures are just now coming on the market in Benicia. This information is fluid and most likely will change tomorrow as people put in offers this weekend or new homes come on the market.
How does the price for foreclosures compare to non-foreclosures home for sale? The median price for non-foreclosures is $569,000 and the days on the market is 109. A little higher than the foreclosed homes for sale.
And guess what? Whether it is bank owned or not, the bottom line is... there are wonderful choices out there. In every size and price. In the hills and down by the water, single family and condos. Benicia is a wonderful place to live so come check it out!
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